The British House of Commons has narrowly passed legislation,(323 in favour to 302 opposed) that raises the cap on university tuition fees to £9000 per academic year. As a former graduate student at the L.S.E. from 1970 to 1972 where my scholarship paid my 85 £ a term tuition fee(the equivalent of about £ 510 a term or £ 1530 for the year in contemporary inflation adjusted terms today) I am appalled at this regressive legislation and the support it received from the bulk of Conservatives and a large number of Lib Democrats in Parliament. No matter what the generous terms of loan repayment might be it is simply inconceivable that this regressive legislation will not act as a disincentive and real barrier to less well off, otherwise qualified students from going to university.
No thoughtful person from a poor or working class or even lower middle class background would rush to indebt themselves to the tune of 36,000 £ in order to go to university when unemployment rates are as high as they are. Britain and British society will be all the poorer for it. Once again worshipping at the false altar of deficit reduction and austerity has inflicted harm on the values of a decent and enlightened society. Labour should commit itself to rolling back this legislation when they regain power. The coalition has revealed its true character and it may now not last the full five years.
My blog explores the financial crash, the rediscovery of Keynes, the debate between Keynes and the monetarists, the laissez-faire school versus the Keynesian school , the state of modern macroeconomics, the problems of unemployment,economic growth,international trade, public debt and deficits and the issue of inflation versus deflation. It reviews and debates economic policy in North America, Europe and Asia.It also from time to time comments upon culture, cinema and politics.
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